mRNA Therapeutics Market Size, Share, Growth Analysis, By Type(Prophylactic Vaccines, Therapeutic Vaccines, Therapeutic Drugs), By Application(Rare Genetic Diseases, Oncology, Respiratory Diseases, Infectious Diseases), By Region - Industry Forecast 2024-2031

North America asserted its dominance in the market, holding a substantial share of over 35.0%, and is poised to emerge as the fastest-growing region in the forecast period. This ascendancy can be attributed to several key factors, including the availability of significant research funding, the expansion of federal programs dedicated to advancing RNA-based medicines, and a burgeoning number of clinical trials. A case in point is the robust support provided by institutions such as The National Institutes of Health (NIH), the Defense Department, and federally funded academic laboratories. Their unwavering backing for foundational research, including that conducted by Graham and other researchers, has played a pivotal role in the rapid development of COVID-19 vaccines. Notably, in response to the pandemic, the government injected an additional $10.5 billion into vaccine manufacturers, expediting the delivery of their products. These factors collectively underscore North America's position as a thriving hub for mRNA-based medicines and therapeutics.

Europe, on the other hand, secured the second-largest revenue share, propelled by a growing patient population and heightened awareness regarding rare genetic diseases. Additionally, Europe benefits from the presence of major industry players and a burgeoning demand for mRNA vaccines and therapeutics. As part of an expansion effort aimed at enabling the local delivery of mRNA vaccines and therapies, Moderna is extending its presence across several European countries, including Denmark, Belgium, the Netherlands, Poland, Norway, and Sweden. This strategic move is expected to substantially bolster the demand for mRNA vaccines and further fuel market growth in the region during the forecast period. Europe's evolving landscape, characterized by a blend of established industry giants and transformative treatment needs, positions it as a pivotal player in the global mRNA-based medicine arena.